Last minute tips for filing income tax return

Every year US citizens and residents are required to file an income tax return form. The due date to file the annual income tax returns is 15th of April. However, it has been postponed to 17th of April, this year.

Why is Tax due day postponed to April 17?

The tax return filing due date is April 15th. However, this year, April 15th is on a Sunday. And Washington D.C. Emancipation Day holiday is observed on April 16 instead of April 15, 2018. Hence, Tax Day is postponed on the following day, Tuesday, on 17th of April.

Eligibility for claiming Income Tax Refund

You are eligible to claim income tax refund in the USA when:
You have paid tax to the government more than your actual tax liability. The situation occurs when the advance tax, self-assessment tax or TDS deduction of the taxpayer is higher than the total tax liability of a taxpayer.

Self-employment taxes

In case your annual gross earning as a proficient tutor on the platform like Talentnook exceeds a bar of $400 per annum, as of August 2018, you are required to pay self-employment taxes. The self-employment tax is same as the employee. The present rate of the self-employment tax in the USA, according to estimation is 15.3 percent.

The process of filing Income Tax Returns, in brief

A US citizen or a resident can claim the refund of the excess tax paid or deducted during a financial year while filing his or her income tax returns for the year. According to the Income Tax Act, a person is required to file his tax return in the assessment year by July 31st to claim the refund. You can file income tax return by uploading the audit of the respective year in excel or java formatted form or by simply providing the required data in the online forms. The online forms are applicable for only those who are filing ITR 1 or ITR 4 form.

Last minute tips while filing the Income Tax Return

Only a few days have remained to file a tax refund. Here are few last minute tips for you to consider:

Avoid delaying the task of filing the tax return form

Don’t wait for the very last date to approach. File the tax return today. Avoid waiting until the very last minute to file your tax. You are more likely to miss the savings on your taxes, or you may end up making errors while filing.

Visit the site IRS.gov

Visit the site for more detailed information. Be clear with all your sources, tax tools, and news feed, before filing the tax. Consult an expert, if needed.

Use Free File to upload your audit document

Have you earned $57,000 or less? Voila! You can make your tax return audit or document using free tax software. In case you have made more than $57,000, and you are confident that you can file your own tax return, go for Free Fillable Forms, which are the electronic version of IRS paper forms. Visit IRS.gov/freefile to access IRS Free File.

File the tax on time

If the condition is like, you owe taxes when you file them. But you are not able to pay them by April 15. File the tax return on time still and pay as much as you can. This will reduce the penalty and interest charges.

An Installment agreement for paying tax

Most people who owe taxes are eligible for paying them. However, you have the privilege of requesting an installment agreement, if somehow you are not able to pay the tax. You can apply on the online portal, IRS.gov for an installment agreement.

Procedure to apply for an installment agreement

Tap on ‘Tools’ on the home page. Click on ‘Online Payment Agreement.’ The form is ready for you to apply. You can also apply offline using Form 9465. The form is of an Installment Agreement Request, which is also available on IRS.gov or give a call at 800-829-3676

File an extension

In case your tax returns are not ready by April 15th (this year by April 17th), you get an extension for an extra six months, by default. You can E-file your extension online by using the Free File program. Else, you can also get an extension offline by using Form 4868. This form is an Application form for Automatic Extension of Time To File U.S. Individual Income Tax Return. An extension enables you to have some extra time to work on your tax return and does not give you more time to pay. Visit IRS .gov to download and print the form. Note: Form will be mailed to you within 10 days from applied date.
Being on Talentnook, you are already a responsible teacher. Extend your responsibility to be a reliable citizen too.